Whole Life Insurance

Whole life insurance is a kind of permanent policy that provides a life insurance benefit for one’s whole life with the options to pay premiums for only couple years, 7 years, 10 years, 15 years or right up to your retirement with a guaranteed life time of protection. Whole life also offers guaranteed cash value (like equity in your house) inside the policy with a very attractive dividend rate of return. The cash value inside the whole life policy grows tax-deferred and can be taken out anytime tax-free through a cost basis withdrawal and/or as a loan for any purpose.

Who is Best Suited for a Whole Life Policy?

Anyone from age 1 month up to age 65 who is looking for a permanent protection and an attractive savings vehicle is best suited for a whole life policy. After one reaches age 65 they may be better suited with a guaranteed universal life policy for only permanent protection needs if they are looking for cash value accumulation.

What are The Benefits of Whole Life Insurance?

  • It provides lifelong death benefit
  • You don’t have to pay premiums for your entire life. You can finish premium payments in as little as few years without losing any tax advantages
  • Cash values inside the policy grow tax-deferred (NO 1099 form EVERY YEAR – as you get from your Bank)
  • You can take out cash value any time tax-free through a cost basis withdrawal and/or loan distribution strategy
  • Your cash value is protected from litigation and lawsuits
  • Cash value is invisible inside your whole life plan for financial aid applications for college
  • With a “Waiver of Premium” rider your premium will be waived up to you reach age 65 if you become totally disabled
  • NO STOCK MARKET INVESTMENT RISK in whole life plan
  • Very attractive NET Rate of Return compared to bank, bonds or fixed income securities or stock market returns
  • No limitations on contributions when you compared to a Roth IRA and Roth 401K
  • Whole Life is the only policy that provides THREE guarantees – Guarantee of cash value, Guarantee of premium will not increase and a Guarantee of original death benefits will not decrease. No other kind of policy provides these three guarantees.

Are There Any Cons to Whole Life Insurance?

Yes, but very few …

  • You need to be in a good health to qualify for it and to achieve an attractive rate of return
  • It takes time to grow your cash value – It’s a long term savings vehicle

How Much Whole Life Insurance Should You Get?

Based on the above benefits, there is no other savings or investment vehicle available that can offer similar benefits of a whole life policy. So you should get as much as you can get approved for by the insurance company (normally companies approve between 10 to 20 times your income) or as much as you afford to pay premiums for. Technically, there are two methods to calculate how much Life Insurance you need to protect your family.

First, there is the Human Life Value, where you multiply your annual income by the number of years you have left to work. (Example: John is 45 years old, plans to retire at age 65 and earns $250,000 per year, in order to protect his family, he should have at least $5,000,000 ($250,000 x 20 years) in coverage.

The second method is the Needs Based planning method, where you calculate your monthly expenses and future needs, such as your children’s education and any mortgage or loan payments and purchase coverage based on that amount.

What is The Next Step?

It’s very simple. Please call (877) 972-3262 to speak with our expert advisor or complete contact us form now. We’ll take care of the rest. We’ll compare top companies and find the best policy for you.

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Regardless of the topic or question, BeamaLife has unique individuals with the right background to address my concerns. As a result, I have a much clearer understanding of how certain wealth creation strategies were the right fit for my company. I also have been able to take much higher income tax deductions for the corporation by implementing a plan set forth by Neil Jesani. They have maintained an unmatched level of professionalism during my interactions with them over the years.”

Mr. Peters
Software Company Owner, California

“BeamaLife was referred to me by my CPA for my pension plan funding. I also wanted to take care of my estate tax need. Neil and his team have done a superb job of creatively funding my pension plan, acquiring most cost-effective life insurance for our estate planning need with very minimum out pocket using velocity of money principle and putting my existing investment to second use. They also help us setting up all our estate planning documents.”

Dr. Martin
New Jersey

“BeamaLife has been a great advisor to us for many, many years. They not only helped us take higher income tax deductions but, also helped us organize our investment portfolio in an efficient manner. Through this relationship, we were able to create substantial wealth with the very low out-of-pocket expense. Neil Jesani from BeamaLife is very responsive, professional and extremely knowledgeable”

Mr. Sakaria
Multiple Pharmacy Owner, New York

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